Accounting must follow rules defined by law, but also be consistent with accounting principles. Accounting information has to satisfy many qualities not only to allow the proper management of a business, but also to be legally compliant. The first mandatory criterion of accounting is comparability as shown by the Anti Bribery Act.
This means that the information entered in the various accounts must make it possible to compare the financial data both in time and in space. The second criterion and reliability. It is obvious that to be reliable, the financial data entered as accounting information must not contain any errors. Accounting information must not only be reliable, but must also be true to reality. This is the third criterion which is sincerity.
This implies that the recording of the different events during the financial year must allow the different accounts to represent their reality and their importance. The bookkeeping of a company must also be done with rigor.
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